Some Panama City, Florida seniors will qualify for additional tax relief now that City commissioners have approved a property tax exemption. The Panama City tax relief for seniors will allow eligible seniors to save on property taxes. This tax relief is available for homeowners who are 65 or older.
Panama City tax relief for seniors: who will get it?
Last week, Panama City commissioners unanimously approved the homestead exemption for seniors. The objective of the relief is to reduce the burden on low-income seniors. This tax relief is much needed as property values continue to increase in the city.
Bay County and Lynn Haven approved a similar exemption years ago. The Panama City tax relief for seniors is for residents who are 65 and older, as well as those who own a home with an appraised value of $250,000 or less by the county property appraiser.
Also, the resident must have lived in the property for which they are claiming the relief for more than 25 years. Moreover, seniors need to fall under a certain income bracket to qualify for the relief.
Note that the exemption applies only to the city’s property tax. It means eligible residents will be responsible for paying city assessments, such as fire protection and stormwater. Those who qualify for the relief will get a 100% property tax exemption, but the exemption won’t apply to school taxes.
Although the exemption will reduce the city’s property taxes revenue, officials believe it won’t significantly impact the city’s budget.
Residents can apply for the Panama City tax relief for seniors through the Property Appraiser’s Office. The tax relief will go into effect during the 2024 tax year. The deadline to apply is March 1.
Visit the Panama City website or call 850-248-8401 to get more information on the Panama City tax relief for seniors.
Other tax relief for seniors
Several cities and counties recently approved similar tax relief for seniors. The St. Joseph County Council in Indiana, for instance, approved a tax credit for homeowners aged 55 and older last month.
Also, the lawmakers stripped the income limit. Initially, the credit was proposed for individual homeowners with income $75,000 or less (and $150,000 or less for a married couple).
Homeowners will be able to apply for the credit next year, and it will impact their bills in 2025. This tax credit caps the increase in the property tax bill at no more than 2%. For instance, if a resident’s last year’s bill was $2,500, the most their bill could rise by is $50.
Similarly, St. Louis is also considering a plan to offer older homeowners a break on part of their property taxes. The lawmakers are considering a plan allowing seniors to freeze the city’s portion of their property taxes to about 20% of the total levy. If approved, the program will take effect in 2024.